Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today pre-announced the upcoming version 11 release of the Majesco L&A and Group Core Suite, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group. The new version will be available in October 2019.
The L&A and Group segment of the insurance industry has been slow to replace legacy systems and is now facing intensified disruption and change - technological revolution, fast-changing customer needs and expectations, and shifts to new products and business models. Together, these powerful trends are driving innovation with startups and existing insurers alike building the future of insurance by modernizing, optimizing and creating new business models and products within the business.
"The L&A and Group insurance segment is poised for transformation and Majesco's aggressive investment in a next-generation core suite platform will enable our customers and the industry to not just modernize, but optimize and innovate their business," commented Manish Shah, President and Chief Product Officer at Majesco. "The entire insurance industry, including L&A and Group insurance is pivoting to a digital operating model that requires speed-to-value, test-and-learn capabilities, and customer-focused products and services with the ability to continually adapt to changing market dynamics and customer behaviors. Majesco is committed to bringing insurers an insurance platform that enables digital operating models through open architecture, configurability, ready-to-use content, prebuilt end-to-end capabilities and SaaS-based delivery - ultimately helping our customers capture market opportunities as they shape the future of insurance."
Today's insurers are seeking a platform that connects people and business to insurance in ways that are innovative, hyper-relevant, compelling and personal to drive growth and innovation for their business. This release highlights Majesco's continued, strategic investment in core systems to enable customers' transformation to meet the demands of a new era of insurance. The new version will include the following innovative key enhancements and capabilities:
- Digital RFPs - AI powered Group sales process that allows insurers to offer the best for the customer based on historical trends and profitability.
- Always STP (straight through processing) - Speeds up transaction processing time and allows having the same information be streamlined through a process across multiple points.
- Reporting Reimagined - Design, schedule, execute and view tailored reports off a NoSQL DB.
- Dashboards- Role based activity, analytical and monitoring dashboard views
- Global Search - An all-purpose, generic search capability to find any entity across the L&A and Group suite allowing users to initiate transactions right from the search results and make quick judgments.
- Digital Tour Guide - In-app interactive tutorials and guided tours of existing as well as newly released features for engaging and improving user adoptions and their productivity.
- API - Start your digital journey with our 1000+ APIs covering all major business functions.
- Personal Assistant - AI Bot driven conversational UX for navigation to a process to quickly commence and complete the task.
- User themes & preferences - Configure new themes and preferences for personalized screen layouts and branding.
- Real-time User Feedback - Proactively gather user feedback and needs then apply it to enhance the user experience.
- Knowledge Library - Online context sensitive help with 'how to' guides and search capability.
"Celent continues to see significant investment in both the individual and group space for new, modern technology," said Tom Scales, Celent, Head, America's Life and Annuity. "From the front-office to back-office and more, innovation investment is growing. It is great to see the vendor community making significant investments as well."
Majesco Cloudlnsurer leverages Majesco's experience with over 40 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers. Majesco Cloudlnsurer provides a core insurance software platform leveraging Majesco core solutions including Majesco Policy, Majesco Billing, and Majesco Claims. With preconfigured content, Majesco solutions are designed to provide agility, rapid product innovation, and speed to market, enabling insurance companies to introduce new products and reach new markets quickly and cost effectively.
Shares of Majesco Ltd was last trading in BSE at Rs.497.95 as compared to the previous close of Rs. 493.9. The total number of shares traded during the day was 1393 in over 68 trades.
The stock hit an intraday high of Rs. 498.9 and intraday low of 491.05. The net turnover during the day was Rs. 687471.